Cash Is Available And We Should Use

I Have One Other Issue I'd Like To Throw On The Table. I Hesitate To Do It, But Let Me Tell You Some Of The Issues That Are Involved Here. If We Are Dealing With Psychology, Then The Thermometers One Uses To Measure It Have An Effect. I Was Raising The Question On The Side With Governor Mullins Of What Would Happen If The Treasury Sold A Little Gold In This Market. There's An Interesting Question Here Because If The Gold Price Broke In That Context, The Thermometer Would Not Be Just A Measuring Tool. It Would Basically Affect The Underlying Psychology.

Institutions Of The Newer Participants In Global Finance Had Not Been Tested, Until Recently...recent Crisis Have Underscored Certain Financial Structure Vulnerabilities That Are Not Readily Assuaged In The Short Run.

Indeed, Better Risk Management May Be The Only Truly Necessary Element Of Success In Banking.

We Cannot Rule Out A Situation In Which A Preemptive Policy Tightening Becomes Necessary, ... Such Caution Seems Especially Warranted With Regard To The Sharp Rise In Equity Prices During The Past Two Years. These Gains Have Obviously Raised Questions Of Sustainability.

...our Market System Depends Critically On Trust-trust In The Word Of Our Colleagues And Trust In The Word Of Those With Whom We Do Business.